Naira Hits New Low, Dips at Official Market to N1598/$1, Declines at Parallel Market to N1,730

….Daily turnover drops 21%

Nume Ekeghe

The nation’s troubled currency, the naira, again recorded a loss at the official and parallel markets where it closed at the Nigerian Autonomous Foreign Exchange (NAFEM) at N1,598/$1 and plunged further at the parallel market to N1,730/$1.

The parallel market yesterday saw the naira plunge to N1,730, falling by N130 from what it exchanged at the weekend compared to N1,600/$1 it exchanged on Friday. 

The naira at the official  NAFEM window also recorded decline as it closed at N1,598.54, a N100.29 depreciation compared to N1,498.25 it recorded on Friday.

Furthermore, the official window recorded a daily turnover of $66.43 million yesterday compared to the $84.1 million it recorded on Friday indicating a 20.98 per cent decline. 

The highest spot rate recorded yesterday was N1,712/$1 while the lowest spot rate recorded was N1,100/$1.